US markets end mostly in green; S&P halts longest losing streak

21 Aug 2013 Evaluate

The US markets ended mostly higher on Tuesday, with the S&P 500 halting its longest losing streak this year, as retailers including Best Buy Company beat estimates and as Wall Street looked to clues about future US monetary policy. Best Buy the consumer-electronics retailer reported quarterly sales that surpassed estimates. Meanwhile investors were specifically looking for clues as to when the Federal Reserve might cut the pace of its $85 billion in monthly bond purchases. Later this week, global central bankers will meet in Jackson Hole, Wyo., for a summer retreat, but Fed Chairman Ben Bernanke won’t attend. On the economy front, the national activity index produced by the Chicago Fed rose to a negative 0.15 reading in July from negative 0.23 in June, and the three-month average did virtually the same, rising to negative 0.15 from negative 0.24 in June. The three-month average has been below zero for five straight months. The index is a weighted average of 85 different economic indicators, designed so that readings of zero indicate trend growth, and readings below negative 0.70 indicate an increasing likelihood a recession has begun.

Meanwhile, for the first time ever, the Fed owns more than $2 trillion in US debt. According to the Fed’s latest weekly account, the central bank currently is holding roughly more than $2 trillion in US Treasury securities. One week earlier, the bank reported that amount of federal debt it owned totaled only $1.99 trillion. By comparison, the amount of federal debt owned by the bank since the start of 2009 and the administration of US President Barack Obama has more than quadrupled.

The Dow Jones Industrial Average slipped 7.75 points or 0.05 percent to 15,003.00, the S&P 500 was up 6.29 points or 0.38 percent to 1,652.35, while the Nasdaq added 24.50 points or 0.68 percent to 3,613.59.

Indian ADRs closed in green on Tuesday; HDFC Bank was up 1.26%, ICICI Bank was up 0.97% and Sterlite Industries was up 0.43%. On the flip side, Tata Motors was down 0.29% and Infosys was down 0.26%.

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